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Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-2,100 units; cost $6.20
Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-2,100 units; cost $6.20 each. 8 Purchased 10,500 units for $5.60 each. 14 Sold 8,400 units for $12.10 each. 18 Purchased 6,300 units for $5.40 each. 25 Sold 7,400 units for $11.10 each. 28 Purchased 4,100 units for $5.80 each. 31 Inventory on hand-7,200 units. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using last-in, first-out (LIFO). Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance Perpetual LIFO: # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units sold Cost per unit Total Cost Cost of Goods Sold of Goods Sold # of units in ending inventory $ $ $ Beg. Inventory 2,100 $ 13,020 $ 0 $ 0 6.20 Cost per unit Ending Inventory $ 6.20 6.20 6.20 Purchases: August 8 10,500 5.60 58,800 5.60 August 18 6,300 5.40 34,020 5.40 August 28 4,100 5.8 23,780 5.80 Total 23,000 $ 129,620 0 $ 0|0|0| 5.60 5.60 5.40 5.40 0 5.80 5.80 0 $ 0 $ 0 0 $ 0
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